[Proposal] Project Attraction Working Group for LFG

Proposal for Strategic Enhancement of Project Acquisition on Jupiter

Introduction

The Solana blockchain ecosystem is burgeoning with thousands of high-quality, emerging projects. Currently, the LFG and its CWGs operate on a passive, inbound strategy to assess and host these projects. This approach not only limits our reach but also risks the caliber of projects we attract, affecting the overall integrity and positive impact of J.U.P.

Problem Statement

Like other crowdsourcing infrastructures (e.g., crowdfunding, crowdinvesting, crowdleding), the LFG faces the challenge of adverse selection.

While we aim to attract projects that truly benefit from our platform (and vice versa), our current strategy inadvertently draws many that may not be viable without our support. This “two-sided sword” results in:

  • A diluted focus due to the sheer number of applicants, many of whom do not meet our minimal standards. (*Even if this isn’t the case now, it is likely to become an issue in the future)
  • Missed opportunities to engage with truly exceptional projects because our resources are tied up in managing the influx of less qualified candidates.

Solution and Added Value

To address these challenges, I propose shifting towards a dual strategy that incorporates active, outbound efforts.

This strategic pivot will enhance Jupiter’s brand as THE hub not only for DeFi users but also builders and investors alike by:

  • Establishing a Project Attraction Working Group tasked with proactively identifying, vetting, and attracting new, high-caliber projects to launch with LFG. (*This group operates separately to maintain the focus on its main objective.)
  • Positioning the LFG not just as a launchpad but as a linchpin of innovation within the DeFi space.

(Tentative) Action Plan

To implement this solution, there are several jobs to be done (some of them listed below):

  • Market Analysis: Conduct research to maintain an up-to-date understanding of evolving DeFi projects.
  • Industry Engagement: Maintain a presence at key hacker conferences and other relevant events to identify and engage with potential projects early in their development (i.e., “scouting”).
  • Outreach: Initiate contact with promising ecosystem players and stakeholders to explore opportunities.
  • Value Proposition Refinement: Enhance J.U.P. and LFG’s value proposition to emphasize the benefits of integrating with our community early in a project’s lifecycle, akin to the exclusivity of holding a Madlad NFT or being a Solana Mobile owner.
  • Project Vetting: Implement a rigorous evaluation process to ensure only projects meeting our high(est) standards are considered.
  • Selection and Partnership: Finalize selections and formalize agreements with chosen projects, ensuring a mutual benefit and alignment with J.U.P.’s strategic goals.

Conclusion

Jupiter and its LFG stand at the threshold of becoming the definitive, community-governed ecosystem in the DeFi space (only possible on Solana!). To realize this vision, we must not only maintain but actively enhance our approach to project acquisition. By adopting this proactive strategy, J.U.P. and the LFG will secure the position at the forefront of DeFi, driving innovation and quality that benefits all of us.

Thanks for your consideration,
R

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Hi R, do you envision the current team performing the work, or will your proposal also include the need to hire more onto the existing team? If the team is going to grow as a result of your proposal, do you have anyone in mind for these positions? Also, how would they be compensated? Thanks for the proposal.

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Hi @Miner_Mike and thanks for your questions.

I believe that we currently have a big enough pool of capable catdets and other participants in our community that we can draw from.

I imagine assembling a team of 3 - 5 people (including myself) to tackle this challenge as part of their own working group.

Skill wise, a great work ethic, the ability and willingness to read long documents/pitches and cut through the bullshitting that’s sometimes present in new projects would be necessary. Additionally, the willingness to reach out and connect with up and coming projects and get to know people is important. Analytical abilities and concise writing also come in handy. Prior experience in a VC firm or connections to such a construct (e.g., NEBO DAO) would be a plus.

Yes, if the J.U.P. deems such a team valuable it should be funded to cover their operations. The funding must be tied to KPIs and should initially last for at least 6 months to establish the group.

Does that answer your question?

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Yes, that answers my questions, thank you. I actually like the plan and I like the 6 month funding option. It’s like a pilot /proof of concept period. If value is found and added to the community, then fund the project for a whole year and continue to monitor progress. I do feel that transparency is needed and anyone that applies to the working group should make their qualifications public so the community has confidence in the group and why funding is being provided to them. I also would throw out the option to also select 3-5 non-compensated members to be a part of the working group. Basically, volunteers who have skills to offer, but can’t devote the amount of time necessary for a full-time gig. Some may offer their experience for free just to be a part of something special or gain experience.

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Exactly, that’s the idea behind the trial period.

Great idea with the part-time-volunteers, I see that working out in other DAOs / Foundations too.